Question
PhoneCell, sell phones, for 72.6 (GST inclusive) per unit. Record the general journal entry for the following transactions 1. Phonecell purchased 100 phones for 38.5
PhoneCell, sell phones, for 72.6 (GST inclusive) per unit. Record the general journal entry for the following transactions
1. Phonecell purchased 100 phones for 38.5 GST inclusive per unit in cash.
2. Purchased 160 phones for 37.40 GST inclusive per unit on credit
3. Sold 330 phones on credit
4. A client returned 30 phone from the 10th of Septemberwhich were damaged and written off by Phonecell
- At the start of the month, Phonecell had $4100 onhand. It uses the moving average cost flow assumption and perpetual method for inventory
- OB of allowance for doubtful debts was $350 credit at the start of the month, Phonecell declares 2% of net credit sales to be non recoverable
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